Annual Report 2009 Royal BAM Group nv

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170 2009 Notes to the statutory financial statements 1. Summary of significant accounting policies 1.1 General The statutory financial statements of Royal BAM Group nv are included in the consolidated financial statements and are prepared in accordance with the legal requirements of Part 9, Book 2, of the Netherlands Civil Code. In preparing these financial statements, the provision of Article 2:362 subsection 8, of the Civil Code is applied, under which the statutory financial statements may be prepared in accordance with accounting policies as adopted in the consolidated financial statements. The exemption laid down in Article 402 Book 2 of the Netherlands Civil Code has been used with regard to the statutory income statement of Koninklijke BAM Groep nv. If no other policies are mentioned, the applicable policies are those of the consolidated financial statements of Royal BAM Group nv. The consolidated financial statements of Royal BAM Group nv should be consulted for an appropriate interpretation of the statutory financial statements. The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union. 1.2 Financial fixed assets Subsidiaries Subsidiaries include all entities over which Royal BAM Group nv has directly or indirectly the power to control financial and operational policies. Subsidiaries are accounted for based on the equity method. The equity value is measured by valuation of assets, provisions and liabilities and determination of results based on the accounting policies of the consolidated financial statements. Associates with significant influence Associates are all entities over which Royal BAM Group nv has significant influence but no control, generally accompanied by the possession of more than one fifth of the voting shares and taking into account the potential voting rights which are exercisable at the balance sheet date. Investments in associates are initially recognised at cost and subsequently based on the equity method. Investments in associates include goodwill (net of any accumulated impairment losses) identified on acquisition. Royal BAM Group nv recognises its part of the associates’ changes in reserves and attributable results in the carrying amount of the participating interest. The Royal BAM Group’s share in the participating interest’s results is recognised in the income statement. The Royal BAM Group’s share in the participating interest’s changes in reserves after the acquisition date is recognised in the Royal BAM Group’s reserves. Royal BAM Group nv does not recognise any losses exceeding the carrying amount of the investment (including other unsecured receivables), unless it has an obligation to do so. Associates are recognised from the date on which Royal BAM Group nv obtains significant influence, until the date on which that significant influence ceases to exist. Associates: recognition of losses If the share in losses, attributable to Royal BAM Group nv, exceeds the carrying amount of the investment (including separately presented goodwill and other unsecured receivables), further losses will not be recognised, unless the Group has provided securities to the associate, committed to liabilities or paid on behalf of the associate. In that case, the excess will be provided for.
1.3 Shareholders’ equity Reserves pursuant to Articles of Association Pursuant to Articles of Association, Royal BAM Group nv has to form a reserve for the outstanding convertible cumulative financing preference shares. As a consequence of the policies applied in accordance with the consolidated financial statements, the convertible cumulative financing preference shares are presented as a liability. Except for the option price, to be presented as a liability the reserve pursuant to the Articles of Association is only recognised for this equity component. Other legal reserves These include reserves for fair value adjustments from deferred result regarding cash flow hedges and reserves for associates as required by law. No distribution to shareholders could be made against this reserve. 171 2009
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2009 10,000 8,000 6,000 4,000 2,000
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Annual Report 2009 Soccer City foot
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Fire service and ambulance station,
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6 2009 Netherlands Belgium United K
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8 2009 Core of BAM’s strategy Mis
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10 2009 Horseshoe-shaped Saendelft
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12 2009 Stock exchange listing Roya
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14 2009 According to the register o
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16 2009 Information per ordinary sh
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18 2009 The members possess the exp
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20 2009 The Supervisory Board gave
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22 2009 Meeting decided in favour o
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24 2009 External auditor Both in it
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26 2009 Remuneration report The fol
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28 2009 The way in which the remune
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30 2009 Rules governing securities
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32 2009 W.K. Wiechers (1940), Chair
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34 2009 J.A.P. van Oosten (1948), C
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36 2009 Result before tax, excludin
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38 2009 In addition to the movement
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40 2009 Wft declaration In accordan
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42 2009 procedure for appointing me
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44 2009 or candidates the Board and
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46 2009 anonymous list, broken down
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48 2009 third-party bidder to exami
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50 2009 Decision on Article 10 Take
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Temporary steel structure under old
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58 2009 proceedings and of AGIV’s
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60 2009 Rustenburg city centre proj
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Construction MAS - Museum aan de St
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66 2009 Restoration of Beverweert C
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68 2009 Office complex, 3 Assembly
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70 2009 BAM South Woningbouw Thames
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Property Approximately 300 luxury h
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74 2009 BAM City Link Woningbouw of
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76 2009 > Kaïros has been operatin
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Civil engineering Pedestrian bridge
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80 2009 BAM Reconstruction Woningbo
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82 2009 BAM Renovation Woningbouw o
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84 2009 BAM Water Woningbouw purifi
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86 2009 BAM Railway Woningbouw viad
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St. Peter the Apostle High School (
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Mechanical and electrical contracti
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Permit procedure for a natural gas
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98 2009 20 Net result for the year
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102 2009 3. Summary of significant
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104 2009 3.3 Segment reporting The
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110 2009 3.17 Derivative financial
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112 2009 3.20 Deferred taxes Deferr
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116 2009 If the interest rates (EUR
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118 2009 The composition of the exp
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Page 190: 188 2009 21 April 2010 General Meet
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Annual Report 2009 Royal BAM Group nv

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